Nifty PSU Bank Index Down 1%; Nifty Private Bank Index Also Went Down

On Thursday, in morning session, it was observed that the Nifty PSU Bank index along with the Nifty Private Bank Index went down. The Nifty PSU Bank index was trading 0.96 percent down at 2,804 around 10:30 am on March 8, 2018. All components were in red. On Thursday, it was noted that the shares of Indian Bank went down to 4.72 percent.

While IDBI Bank, Syndicate Bank, Canara Bank and Andhra Bank cracked up to 4 percent in the PSU bank index. Some other banks those were in the negative terrain are Bank of Baroda, Union Bank of India, Bank of India, Oriental Bank of Commerce, Allahabad Bank, Punjab National Bank, and State Bank of India.

Large numbers of the gains of the opening session on selling in bank, pharma and metal stocks were erased by Equity benchmarks. It was found that the NSE Nifty50 index was flat at 10,154. On the other side, the BSE Sensex was up 37 points at 33,070. Out of 50 stocks in the Nifty index, 19 were trading in the green. Rest 31 stocks were trading in the red. Top drags on the Nifty 50 index are YES Bank, Hindalco, and Bharat Petroleum Corporation. While, the top gainers are HDFC, ICICI Bank, HCL Technologies and Infosys, these stocks are trading with gains in the Nifty pack of stocks.

On Thursday, Private bank stocks were trading down during morning trade. It kept the sectoral index in the red. YES Bank, Karnataka Bank, South Indian Bank and IDFC Bank on Thursday were trading down. It was noted that the Nifty Private Bank index was trading 0.31 percent down at 13,662 at 10:40 am. The Shares in the negative zone are of IndusInd Bank, Axis Bank, Federal Bank and Kotak Mahindra Bank.

On the other side, the shares those were trading with gains at that point of time were of ICICI Bank and HDFC Bank.

The gains of the opening session on selling in the bank were erased by Equity benchmarks. Out of total 50 stocks in the Nifty index, 18 were trading in the green. Rest 32 stocks were trading in the red. As mentioned earlier, the top drags were YES Bank, Hindalco and Bharat Petroleum Corporation on the Nifty50 index. But the stocks trading with gains in the Nifty pack of stock were HDFC, ICICI Bank, HCL Technologies and Infosys.